Home inspections are so important because they give you the opportunity to thoroughly inspect the home with a professional before you spend any of your hard–earned money to buy it. Because of this, today we're tackling the two biggest myths.
Myth: I can't choose my own inspector.
Fact: Spending the fees for a home inspection can be well worth it both for peace of mind and the potential cost of trouble avoided. You can choose your own inspector to help you with these. But finding the right person may take some research. Your real estate agent should be able to recommend several well–qualified home inspectors. Ask friends and family for recommendations.
One you've got a list, the National Association of Realtors recommends you look at 5 areas when choosing the right one: qualifications, sample reports, references, memberships, and errors and omissions insurance.
Myth: Every issue on the inspector's report has to be addressed before I can buy.
Fact: Inspections are one of the most common contingencies in purchase agreements. It's recommended that you make the home purchase contingent on the home inspection in your written offer so that if major issues are noted in the inspection report, you can renegotiate the sales price, require the seller to make the repairs, or back out of the offer altogether. Your realtor can advise you on how to negotiate these major issues in the purchase contract and also advise you on how to handle any smaller issues noted in the inspection report.
Get the facts on what to expect from your home inspection.
Read other posts in our Myth vs. Fact series:
- Myth vs. Fact: Renting
- Myth vs. Fact: Qualifying for a Mortgage
- Myth vs. Fact: PMI
- Myth vs. Fact: Down Payments
- Myth vs. Fact: Mortgage Refinance
- Myth vs. Fact: 3% Down Mortgages
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